Dubai: Jewellery buyers’ tastes are changing in subtle ways. Their focus is shifting away from gold jewellery to diamonds and natural stones, according to retailers.
“In the last few years, consumers have been more into buying diamonds, rubies, sapphires and natural stones instead of the traditional bulky gold jewellery,” said Riju George, director of sales at the Dubai World Trade Centre (DWTC), the organiser of the Dubai International Jewellery Week, a four-day event that kicked off on Wednesday.
The show was officially opened by Shaikh Mansour Bin Mohammad Bin Rashid Al Maktoum.
Speaking at the show, Shankar Ramanathan, director of sales and marketing at Dubai-based diamond jewellery retailer, La Marquise, said he expects company sales to grow between 18 and 20 per cent in 2014 compared to last year.
“People used to think diamonds are a dead investment, but that is not so,” he said. He noted the price of diamonds have been growing “between 20 and 25 per cent over the last three to four years.”
The company, which has outlets in Dubai and Abu Dhabi, is planning to open one in Qatar in 2016. Most of its customers are Emiratis.
“Emiratis [make up] 25-30 per cent of our customers, followed by other Arabs, Russians and Europeans,” said Ramanathan.
Rohit Dhamani, director of wholesale and manufacturing at jewellery retailer, Dhamani, said the company creates diamond pieces that appeal to local consumers.
“We customise according to the requirements which reflect trends among the youth and wedding season,” he said. “The UAE buyers accept the latest global trends. In other Gulf countries, it takes time for fashion to travel. They could be one or two seasons behind.”
The Dubai International Jewellery Week features 800 jewellery brands this year compared to 650 last year. Exhibitors have come from across the world, with Azerbaijan, Brazil, Cyprus, Egypt, Poland, Taiwan, Vietnam and Germany participating for the first time.
Exhibitor space is 25 per cent larger than last year, DWTC’s George said.
Retailers are not just coming to the UAE to display their jewellery pieces but also setting up production facilities.
India’s Kalyan Jewellers is planning to set up a design and production facility at the Sharjah Free Zone. Sharjah will also be home to a new jewellery making plant from the Malabar Gold & Diamonds Group.
